WASHINGTON DC – Federal income tax deductions for home mortgage interest took a hit Saturday (Jan. 1, 2011) in The Washington Post newspaper, which published an editorial titled “Trim the Excessive Tax Subsidy for Real Estate.” Lawrence Yun, chief economist for the National Association of REALTORS, responded by describing how mortgage interest deductions benefit primarily middle- and low-income home owners, rather than the rich.
Mortgage interest deductions help “many families become home owners by reducing the carrying costs of owning a home,” Yun contended in his response. “The ability to deduct the interest paid on a mortgage can mean significant savings at tax time,” he wrote.
- Read Yun’s entire response, titled “NAR Letter to the Editor: Who Really Benefits from the MID,” here.
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